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What is mean by the comparability convention?
The convention of comparability
What is the principle of comparability?
It is to compare the two different inputs
Why are accounting standards important for the preparation of financial statements?
For comparability.
What is meant by the comparability convention?
The convention consistancy permits comparability of finincial statements from year to yera for the same entity . The user of finincial report require qualitaive standard of comparability from different entities which in there judgementwill most fairly present finincial position of different entities to make resioned choiceBy Manish Katariacontact me @ mkataria85@ymail.com
Dungeon Keeper 2 comparability with Vista SP1 and a widescreen monitor?
Yes
Qualitative characteristics associated with reliable accounting information are?
Relevance, comparability and understandability.
What are the qualitative characteristics of accounting information?
1 Relevance 2 Reliability 3 Comparability 4 Understandability
Why is time period assumption important in preparing financial statements?
So that comparability between periods is preserved.
Explain the role of accounting in economic development of a country?
It help improve the transparency, comparability and accountability of financial reporting.
What is the Comparability factors assumes that larger purchases command lower prices per unit where economies of scale are involved?
Quantity or size
Having the same measure?
"Having the same measure" typically refers to two or more items being equal in size, amount, or degree. This concept can apply in various contexts, such as mathematics, where two shapes have equal dimensions, or in discussions about fairness and equity, indicating that different entities are treated equally. It emphasizes uniformity and comparability across different subjects or objects.
What is distinction between comparability and consistency?
Comparability refers to the ability to compare financial statements of different entities or periods to identify similarities and differences, often enhanced by standardized accounting principles. Consistency, on the other hand, relates to the uniform application of accounting methods and principles over time within the same entity, ensuring that financial statements are comparable across different periods. While comparability focuses on cross-entity analysis, consistency emphasizes the reliability of an entity's financial reporting over time. Both are essential for enhancing the usefulness of financial information for decision-making.
